Labyrinth sealing devices provide a minimal drag/dynamic seal between a rotating shaft and a bearing housing. However, traditional non-contact seals do not function properly if the housing is flooded above the bottom of the shaft with oil or other media. Traditional devices also typically require a plunge ground running surface on the shaft for operation. Accordingly, a need exists for a bearing isolator capable of operating under flooded conditions and/or which eliminates that need for a traditional ground plunge running surface.